American Superconductor Wins Two-Year Power Electronics Contract; Navy Program Aimed At Meeting Needs for All-Electric Warships.Business/Technology Editors WESTBOROUGH, Mass.--(BUSINESS WIRE)--March 6, 2002 American Superconductor American Superconductor is a technology company based in Westborough, Massachusetts specializing in the design and manufacture of superconducting wires and power converters. It is listed on Nasdaq under the symbol AMSC. Corporation (Nasdaq:AMSC AMSC Army Management Staff College AMSC American Mobile Satellite Corporation AMSC American Miniature Schnauzer Club AMSC Area Maritime Security Committee AMSC Acquisition Method Suffix Code AMSC Advanced Missile Signature Center ), a leading global supplier of superconductor A material that has little resistance to the flow of electricity. Traditional superconductors operate at absolute zero (-459.67 degrees Fahrenheit or -273.15 degrees Celsius). Experiments in the 1980s raised the temperature to -321 degrees Fahrenheit. products and power electronic converters for the electric power industry, today announced it has received a $2.9 million contract from the U.S. Navy's Office of Naval Research The U.S. Office of Naval Research (ONR), headquartered in Arlington, Virginia (Ballston), is the office within the U.S. Department of the Navy that coordinates, executes, and promotes the science and technology programs of the U.S. (ONR ONR Office of Naval Research ONR Ontario Northland Railway ). Under its Advanced Electric Power Systems thrust, ONR is developing architectures for Power Electronics Building Blocks for intelligent, reconfigurable systems. The goal of the contract is to develop a family of these blocks based on AMSC's PowerModule(TM) power electronic converter technology. The PEBB PEBB Percutaneous excisional breast biopsy, see there Program is establishing the electric power systems architecture for onboard ship propulsion and other electrical components that will be required for the future all-electric Navy. Power converters will be key components in the integrated power architecture operating for example between the shipboard ship·board n. 1. The condition of being aboard a ship: on shipboard. 2. Archaic The side of a ship. adj. generators and propulsion motors. To meet the goals of an all-electric Navy, power converters must be reduced in size, weight and cost, while providing a level of customized programmability to meet specific onboard application requirements. By reducing a converter's size and cost, while increasing its power density, PowerModules are expected to do for power electronics what continuous refinements in microchips did to help computers become more affordable and more widely available. "The Navy is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. the fastest way to incorporate new technology into its next generation ship propulsion and weapons systems," said Greg Yurek, chief executive officer of American Superconductor. "The PEBB program accelerates adoption of new power converter technologies by ensuring they are robust, reliable and available as off-the-shelf products. Our programmable PowerModule technology provides a platform that we can tailor to satisfy all of the Navy's military requirements while letting us leverage this development effort into commercial markets." The PowerModule design for the PEBB Program will be based on AMSC's PM-1000 design that is being applied to solve commercial power converter needs for motor drives, uninterruptible power supplies (UPS), and distributed generation Distributed generation generates electricity from many small energy sources. It has also been called also called on-site generation, dispersed generation, embedded generation, decentralized generation, decentralized energy or systems such as microturbines and wind turbines. The PM-1000 provides enhanced control, power conditioning, very high speed switching, reduced cost per unit of electricity, and the highest power density of any converter presently available on the market. About American Superconductor American Superconductor Corporation is a world leader in developing and manufacturing products using superconductor wires and power electronic converters for the electric power infrastructure. American Superconductor's products, and those sold by electrical equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
Certain statements in this release, including statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include the uncertainties that: the company will be able to obtain the anticipated funding from corporate and government contracts; the company will be able to successfully develop and manufacture commercial products; a robust market will develop for the company's products; and the company will secure anticipated orders. Additionally such factors include: the risk that strategic alliances and other contracts may be terminated; the risk that certain technologies utilized by the company will infringe intellectual property rights of others; the competition encountered by the company, including several large Japanese companies; the amount and timing of the company's future cash requirements and the availability of satisfactory financing sources. Reference is made to these and other factors discussed in the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operation" section of the company's periodic reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's estimates as of March 6, 2002. While the Company anticipates that subsequent events and developments may cause the Company's estimates to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to March 6, 2002. |
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